Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Silver prices stabilized around $48.8 per ounce on Monday (November 3rd) after experiencing high volatility last week. Investors are now focused on the Federal Reserve's policy outlook after the Fed cut interest rates by 25 basis points last week. Although Chairman Powell stated that further interest rate increases in December are uncertain, the market is awaiting the release of key US data, such as the ADP employment data and the ISM PMI report, for further guidance. In addition, easing trade tensions between the US and China have also reduced demand for silver as a safe-haven asset. The...
The Japanese yen remains under pressure against the strengthening US dollar, reaching its lowest level since last February. Markets remain uncertain about when the Bank of Japan (BoJ) will raise interest rates, while Japan's new Prime Minister, Sanae Takaichi, is leaning towards continuing its massive fiscal spending policy and postponing policy tightening. This, despite strong inflation data in Tokyo, continues to pressure the yen. Meanwhile, the US dollar remains strong near its highest level since August, driven by the Federal Reserve's hawkish stance, which increases the likelihood of...
Oil prices rose in early Asian trading after OPEC and its allies (OPEC+) agreed to increase production by 137,000 barrels per day in December. Despite the increase, the group stated that it would not increase production during the first three months of 2026 due to seasonal factors. This decision was considered unexpected by some analysts. Jorge Leon of Rystad Energy called the decision to pause production increases in the first quarter of 2026 another surprise from the latest OPEC+ meeting. In the market, front-month WTI crude futures rose 0.6% to $61.37 per barrel, while front-month Brent...
Gold prices fell early in the Asian session after China's Ministry of Finance ended tax incentives for precious metal sales as of November 1st. This decision surprised the market, as the previous rules had helped ease the tax burden on gold transactions. Following the news, the spot gold price weakened by around 0.4% to $3,987.46 per ounce. According to ANZ Research, many investors in China were disappointed by this rule change. Now, retail investors can no longer offset value-added tax (VAT) when selling gold purchased from the Shanghai Gold Exchange. The impact could be widespread, as...
The Euro (EUR) weakens further against the US Dollar (USD) on Friday, with EUR/USD slipping to a three-month low. The pair remains under pressure as the Greenback draws support from the Federal Reserve's (Fed) hawkish tone after delivering a widely expected 25-basis-point rate cut earlier this week. At the time of writing, EUR/USD is trading around 1.1523, extending losses for the third consecutive day and on track to post its first monthly decline in three months. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, is hovering near...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...